The income tax return deadline for filing income tax returns will not be extended, according to the Union Finance Ministry. Revenue Secretary Sanjay Malhotra said “There is no proposal under consideration and we don’t intend to. My advice to all the taxpayers is that they should file their tax returns. There will not be any extension in the deadline like last year and the earlier they do it the better,” when asked if there was any plan to extend the deadline in view of the floods and heavy rains in north India
To minimize any last-minute rush, Malhotra recommended taxpayers to submit their income tax returns on time, It’s better for our IT system that it (return filing) is staggered.
When is the income tax return deadline?
The deadline for filing income tax returns (ITR) for fiscal year 2022-23 is July 31, 2023.
Sanjay Malhotra said by July 12, over 10 million more tax returns had been filed compared to the same period last year, he said, adding that about 22 million returns had been filed as against 11.8 million by July 12, 2022. “So, there does not seem to be any reason to extend the deadline,” and in July 13, the number of ITRs filed for Assessment Year 2023-24 (fiscal 2022-23) had risen to 23.4 million while the number of returns verified for the AY was 21.7 million. As many as 8.48 million verified ITRs for AY 2023-24 had also been processed.
Due to the flood in many areas, there have been many requests for a deadline extension of at least one month. Some tax professionals have also pointed out that the deadline for filing the goods and services tax return is also July 31. And late filing of income tax returns can lead to a penalty of up to Rs 5,000.
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